No, I think you are doing it better by straightening it a bit at a time. If it were younger then I would have extended it fully, but at this age I think it may take some time to get the toe where it belongs. I would fear that the tendons/ligaments could get torn or pulled away from their...
I'm going to include a link that includes ways of treating crooked toes. Your idea sounds great. I think it is probably going to have to be straightened gradually because of the chick's age. These things are usually corrected much earlier than 5 weeks when the skeleton and joints are really...